Rio Tinto PLC CEO Simon Trott outlined a plan focused on cost reduction and productivity improvement during the company's first Strategy Day event on Thursday.
In a statement, Rio Tinto said the measures would include cutting unit costs by 4% from 2024 to 2030.
The company also noted that capital discipline, rising commodity prices, and a 20% increase in copper production could help boost its earnings by up to half by 2023.
In August, Trott stated that Rio Tinto would streamline its core business units from four to three to focus on profitable assets. Assets up for sale include its titanium and borates businesses.
On Thursday, Rio Tinto also raised its 2025 copper production forecast, citing increased operations at its Oyu Tolgoi project in Mongolia.
The company now expects consolidated copper production in 2025 to range between 860,000 and 875,000 metric tons, up from a previous forecast of 780,000 to 850,000 tons. For 2026, production is projected to be between 800,000 and 870,000 tons.
While Rio Tinto's profits primarily come from iron ore, the company is shifting its focus toward copper, aiming to achieve annual copper production of 1 million tons by 2030.
Copper prices have reached record highs, with demand for the commodity expected to remain strong amid the transition to green energy.
Rio Tinto stated that copper output at Oyu Tolgoi is still on track to increase by more than 50% this year and by about 15% in 2026.
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